Utility is:
A. a way of describing a consumer’s wants.
B. only applicable to goods that are purchased.
C. a measure of a consumer’s income
D. All of these are true.
A. a way of describing a consumer’s wants.
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A production possibilities frontier with a bowed-outward shape indicates
A) the possibility of inefficient production. B) constant opportunity costs as more and more of one good is produced. C) increasing opportunity costs as more and more of one good is produced. D) decreasing opportunity costs as more and more of one good is produced.
Use the information in the following table to answer the next question.Money SupplyMoney DemandInterest RateInvestment (at interest rate shown)$400$6002%$7004005003600400400450040030053004002006200The equilibrium interest rate in this economy is ________.
A. 3% B. 4% C. 5% D. 6%